https://www.taxtmi.com/caselaws?id=174139 The Tribunal allowed the appeal, quashing the Commissioner of Income-tax's order under section 263. It held that the assessing officer had properly inquired into the taxability of income from the transfer of shares, accepting the assessee's explanation. The Tribunal emphasized that the mere change of opinion by the CIT did not warrant the exercise of revisional jurisdiction under section 263. The Tribunal found that the assessment order was not erroneous and prejudicial to the interest of the revenue, citing that every loss of revenue due to the AO's decision cannot be considered prejudicial unless the AO's view is legally unsustainable. en-us Wed, 29 Feb 2012 00:00:00 +0530 Wed, 30 Sep 2015 16:42:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=174139 The Tribunal allowed the appeal, quashing the Commissioner of Income-tax's order under section 263. It held that the assessing officer had properly inquired into the taxability of income from the transfer of shares, accepting the assessee's explanation. The Tribunal emphasized that the mere change of opinion by the CIT did not warrant the exercise of revisional jurisdiction under section 263. The Tribunal found that the assessment order was not erroneous and prejudicial to the interest of the revenue, citing that every loss of revenue due to the AO's decision cannot be considered prejudicial unless the AO's view is legally unsustainable. Case-Laws Income Tax Wed, 29 Feb 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=174139